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Incorporating for Medical Professionals

We work alongside trusted lawyers to create the ideal legal structure for your business. In fact, the right legal setup can help you qualify for certain tax benefits. We also work to organize the necessary share structure and classes as well as shareholder agreements.

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Lower Tax Rates – Deferral of Taxes

Medical Professionals are in the highest income tax bracket, paying over 53% marginal tax rate in Ontario. By incorporating your medical business you can manage and defer taxes for a lower corporate tax rate of 13.5%.

Tax Free Dividends

Annually, you could receive up to 50,000 a year worth of tax free dividends from your corporation.

Shareholder Loans

All loans for shareholders must be returned by the end of the 2nd fiscal year end. So if you were to take a loan in current fiscal year then the loan should be returned before the end of the 2nd year following the fiscal year it was taken out in. This can be adjusted and repaid via dividends, bonus or salary.

Vehicle Expenses

By utilizing proper record keeping your corporation can be used to purchase automobiles. It is common for corporations to provide vehicles for the use of the corporation’s directors. Mileage logs must be maintained and the distance from the place of residence and primary place of work is not deductible. Every situation has to be individually assessed.

Executive Life Insurance

Perhaps one of the great benefits of incorporating is also paying a life insurance policy from the corporation directly. This avoids tax triggers on the personal side since the marginal tax rate on personal is up to 53% in Ontario vs 13.5% in Ontario.

Home Loans

A home policy can be implemented for employees of the corporation for the purposes of purchasing a primary residence. Interest is payable to the corporation and proper documentation is required with salaried employees of the corporation.

Retirement Planning

Money left in the corporation can be used in years when there are life changes like pregnancy, travel, etc. Also the tax can be deferred to retirement years so the marginal tax rates remain low over the life of the corporation versus paying it immediately at very high marginal rates.


Looking for finance and accounting help? Dean and Associates Accounting has over 40 years of combined experience working with Medical Professionals, Small Business Owners, and Non for Profit Organizations.

Get the expert help that you need with your accounting and taxes. Contact our Mississauga Tax Accountant for Medical Professionals.

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